PANAMA'S BANKING REGULATOR FINES THREE BANKS FOR MONEY LAUNDERING VIOLATIONS

The Superintendent of Banking of Panama (SBP) has levied fines upon three of the country's financial institutions, all for money laundering and regulatory violations. Named were Multibank, Banco Nacional de Panamá and Banvivienda. These actions are part of recent efforts, by the Superintendent, to modernize and reform the country's banking industry, and to elevate local compliance programs to the level of banking best practices.

The fines imposed are:
(1) Multibank: $300,000 for AML/CFT violations and $100,000 for regulatory violations.
(2) Banco Bacional de Panamá: $106,750 for AML violations, and $21,875 for regulatory violations.
(3) Banvivienda: $90,000 for AML violations, and $40,000 for regulatory violations.

The banks named have reportedly instituted improved internal controls, and increased regulatory compliance procedures, as well as improving controls on Politically Exposed Persons (PEPs).

Readers who are bilingual, and who wish to review the SBP Sanctions Announcement, may review the complete text here.